Rupee futures set volume record at Dubai exchange

The DGCX Indian Rupee futures contract traded a record 6,043 contracts worth $270.61 million on October 19, beating the previous high of 5,376 contracts worth $242.83 million.

Daily volume records were set by three DGCX currency futures contracts, Canadian Dollar, Australian Dollar and Indian Rupee, contributing to what is considered one of the most active months of trading for the Dubai Gold and Commodities Exchange (DGCX).

So far, the month of October has seen several trading days with daily volumes, surpassing 10,000 contracts and the third highest overall daily volume of 15,350 contracts, the exchange said.

On October 19, besides Rupee, Canadian Dollar futures and Australian Dollar futures contract that were launched in June this year achieved record highs.

Canadian Dollar futures traded a record 606 contracts worth $29 million eclipsing the previous peak of 528 lots worth $26 million. Australian Dollar traded 498 contracts worth $24 million surpassing the previous record of 285 contracts worth $12 million.

The day also had DGCX record the third highest ever total daily volume of 15,350 contracts valued at $786 million.

Established in 2005, DGCX is the region’s first derivatives exchange and the only one allowing participants to clear and settle transactions within the Gulf region.

The Exchange, which has played a pioneering role in developing the regional market for derivatives, is a partnership venture between Dubai Multi Commodities Centre (Dubai Government), Financial Technologies (India) Limited and Multi Commodity Exchange of India Limited (MCX).

It is an electronic commodity and currency derivatives exchange with 230 members from across the globe, offering futures and options contracts covering the precious metals, energy and currency sectors.